Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : MEDX ... anybody following? -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (627)	12/4/2002 8:53:59 AM
From: Icebrg	Read Replies (1) \| Respond to of 2240

Sanofi-Synthelabo Increases Its Investment in IDM Wednesday December 4, 2:33 am ET PARIS--(BUSINESS WIRE)--Dec. 4, 2002--IDM Immuno-Designed Molecules today announced that Sanofi-Synthelabo had subscribed to a reserved capital increase of IDM in the amount of EUR 20 million. The IDM valuation for this capital increase was higher than at the last round of financing carried out in November 2000. Sanofi-Synthelabo also renewed its commitment to invest an additional EUR 10 million through an IPO of IDM or a private placement. In January this year, Sanofi-Synthelabo and IDM announced a partnership agreement in cellular immunotherapy to develop and market innovative products in the treatment of cancer over the next ten years. Under the terms of this agreement Sanofi-Synthelabo will be able to exercise a certain number of options for the development and marketing of products developed by IDM, and will increase its shareholding in IDM for a total amount of EUR 30 million. In February this year, Sanofi-Synthelabo exercised its first option relating to the development and marketing of Uvidem(TM), a cellular therapy drug by IDM for the treatment of melanoma. In addition to a fixed initial payment and future milestone payments, the exercising of this option entails the reimbursement of clinical development costs previously incurred by IDM as well as the financing of the clinical development program until the drug reaches the marketplace. In return, Sanofi-Synthelabo will have exclusive international marketing rights for Uvidem, which is currently in Phase II trial. "This capital investment not only reinforces our partnership with a leading player of the pharmaceutical industry, but also makes IDM more financially independent. It is a recognition of the increased value that IDM has acquired since the last financing round," declared Jean-Loup Romet-Lemonne, President and CEO of IDM. IDM -- The Immunogenics Company® IDM is a leading biopharmaceutical company developing a new family of immunotherapy products called Cell Drugs to fight cancer and other life-threatening diseases. IDM applies its proprietary technologies to selectively isolate, engineer, expand and activate specific cell populations which are involved in therapeutic vaccination. The Company's products are designed to boost the immune system, destroy residual tumor cells, and immunize patients to prevent tumor recurrence. IDM's most advanced product is in Phase III for the treatment of ovarian cancer.